All about Hino

On December 25, Hino Motors, Ltd. (Hino) announced that, in relation to proceedings filed against Hino and its subsidiary Hino Motor Sales Australia Pty Ltd (HMSA) in the Supreme Court of Victoria on April 17, 2023, the Hino Board of Directors has approved entering into an in-principle settlement agreement with the plaintiff in the proceedings.

As Hino announced on October 14, 2022, class action proceedings were filed in the Supreme Court of Victoria against the Company on September 30, 2022 (the First Proceedings). Competing class action proceedings were filed against the Company on April 17, 2023 (the Second Proceedings). In both the First Proceedings and the　Second Proceedings, the plaintiffs claimed to have suffered losses due to Hino's historical misconduct. 

The settlement amount is AUD 87 million (approximately JPY 8.5 billion). The Settlement Amount will be recorded as a special loss in Hino’s financial results for the third quarter of fiscal year 2025. Hino is currently analyzing the impact of the Settlement on its business and, once the analysis is complete, will promptly make an announcement.

Hino’s press release

On November 27, Hino Motor announced that it will transfer the part of the factory site in Hino City, in order to effectively utilize management resources and improve asset efficiency.

The company will sell the land of 155,000 square-meters with a book value of approx. JPY 20 million. Though the transferee has not yet been decided, the company plans to make a contract in February 2025.

The details of this transfer of a non-current asset will be promptly announced when they are determined.

Hino Motor press release

Hino's FY2024 second quarter financial results were announced.
Sales increased 12.2% YoY to JPY 847.5 billion. This was a JPY 92.2 billion increase over the previous year's JPY 755.4 billion.
Operating income increased 256.1% YoY to JPY 24.1 billion. This was a JPY 17.3 billion increase over the previous year's JPY 6.8 billion.
Ordinary income increased 209.1% YoY to JPY 19.4 billion. It was JPY 13.2 billion more than the previous year's JPY 6.3 billion.
Net loss was JPY 219.6 billion. For the fiscal quarter (cumulative) ended September 30, 2024, it turned into a loss compared to net income of JPY 76 million in the same quarter of the previous year.

See details

Click here for Hino's financial results